In Florida wills, Florida Trusts, and Florida Estate Planning it is important to deal with Pretermitted children. Make sure your Florida Estate Planning Attorney and the estate planning documents deal with them or you can have unexpected results. A Pretermitted Child A child by birth or adoption who became a…
A Florida Power of Appointment is a right given to another in a written instrument, such as a will or trust that allows the other to decide how to distribute your property. The power of appointment Can be a general power of appointment if it places no restrictions on who…
Legally Incapacitated Person: A person who has been determined by a court as not capable of handling his or her personal and financial affairs. A Florida Durable Power of Attorney, Florida Trust, Florida Guardianship, Florida Designation of Health Care Surrogate all deal with Legally Incapacitated persons. One may not be…
Intestate property will pass to the decedents heirs. In Florida if a person has a surviving spouse and of their children are also children of the spouse, the surviving spouse will receive the first $60,000 then 50% of the remainder. If the decedent had any children that were not children…
A Florida Holographic Will: A will written entirely in the testator’s own handwriting. NOTE Holographic wills are not valid in Florida unless they comply with the statute of wills and Florida statute 732.502, even if they were valid in another state when created. All other wills are valid in Florida…
The Florida Homestead exemption: In Florida, this refers to a surviving spouse’s or lineal heirs right to receive the primary residence of their family member free of claims from creditors other then perfected security interests on it such as the mortgage. In Florida there is no limit to the value…
Fiduciary: This refers to a person (or entity) that serves in a representative capacity. Personal representatives, trustees, guardians, conservators, and agents under powers of attorney are all fiduciaries. A fiduciary stands in a position of confidence and trust with respect to each heir, devisee, and/or beneficiary. They are subject to…
In Florida probate and Florida Estate Planning the: Devise: To give away real, personal or intangible property under a will or trust. Devisee: An entity or a person selected in a will or trust to receive a devise. Donee: A person or entity who receives a gift. This can also…
In Florida Probate, if an individual acquired assets while living in a community property state, those assets, their proceeds, and income received from the assets may be subject to a different distribution than assets or income that was acquired while living in a non community property state such as Florida.…
Florida Residents can use a variaty of Charitable Trusts with the Estate Planning and to help reduce estate taxes in their Florida Probate. Charitable Lead Unitrust (CLUT): Income goes to charity and remainder to one’s heirs or beneficiaries. Generally for the very rich and for those whose children won’t need…